The average daily transaction fee of Bitcoin (BTC) declined on Ethereum after a flurry of Ordinals-related activity on the Bitcoin network.
That Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum transaction fees reached an average of $8.43, according to BitInfoChart data.
Bitcoin’s average daily trading fee reached a new six-month high on Nov.16, reaching a peak of $18.67, while Ethereum’s fee reached $7.90.
The sudden increase in Bitcoin transaction fees stems from renewed market appetite for assets underwritten by the Ordinals Protocol – a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens in Bitcoin.
After a significant slowdown in activity between Sept. 25 and Oct. 23, assets based on Ordinals have seen a sharp rise since late October, according to Dune Analytics data.
Related: The Bitcoin Ordinals group launched a nonprofit to promote the development of the protocol
Since October 24, more than 6 million Ordinal assets have been created, resulting in more than 800 BTC in fees – worth $30 million – being distributed to the network.
The increase in activity in the inscription of Ordinals integrated as ORDI, the second largest token in the BRC-20 by market cap, was listed on Binance on Nov. 7. The listing prompted a wider wave of BRC-20 buying activity from traders with the price of ORDI jumping to the mark of more than 50% on the day.
In addition, on Nov. 17, the Ordinals-based project Taproot Wizards Office has partnered a $7.5 million seed round.
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